Bitcoin ETF Flows Key for Cryptocurrency's Outlook
Dow Jones10-22 22:55
1455 GMT - Bitcoin's outlook depends on whether inflows into bitcoin exchange-traded funds hold up if equities continue to fall, Nexo Dispatch analyst Iliya Kalchev says in a note. Worries about the cost of the AI buildout have triggered a global selloff in technology shares, sending bitcoin lower, he says. ETF buying has returned, albeit at a slower pace, he says. "U.S. spot funds attracted more than $1.08 billion across the first three sessions of the week, per SoSoValue, yet their average since July 1 is only about $86 million a day, well below the $200 million-plus daily average during each of the three strong rallies since 2024." Bitcoin falls 3.5% to $81,649, LSEG data show.
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